IRFC’s over Rs 4,600-crore initial public offer to open on January 18

IRFC's over Rs 4,600-crore initial public offer to open on January 18

Indian Railway Finance Corporation’s initial public offer worth more than Rs 4,600 crore will come up this month, with a price band of Rs 25-26 per share.

IRFC’s public listing will be first in which a government-owned non-banking finance company (NBFC) will be raising money from anchor investors. The IPO will open on January 18 and close on January 20.

“Anchor book will open on January 15, main book will be open from January 18-20,” Department of Investment and Public Asset Management (DIPAM) Secretary TK Pandey said on Wednesday.

The government will sell 178.21 crore equity shares, comprising a fresh issue of 118.80 crore equity shares, and an offer for sale of 59.4 crore equity shares, through the IRFC IPO.

The Union Cabinet had in April 2017 approved listing of five railway companies. Four of them — IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp — have already been listed.

The government has set a target of raising Rs 2.1 lakh crore through divestment in current fiscal year. This includes Rs 1.20 lakh crore through stake sales of central public sector enterprises, and the remaining Rs 90,000 crore from financial institutions.

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